Depreciation on building
This query is : Resolved
28 April 2009
A society is running a school and paying rent for the building by way of entering rent agreement only. This year society has made lease deed in its favour.
Can society claim depreication on builing this year.
This year society has incurred expenditure on building, can it claim depreciation on further addition only to building.
Can society claim depreication on builing this year.
This year society has incurred expenditure on building, can it claim depreciation on further addition only to building.
28 April 2009
No society can not claim Depreciation as it is not the owner of property.
However, lease rent will be allowed as deduction.
As regards, expenditure on building it can claimed full in this year only under the head "Repairs & maintainance on building".
For accounting purpose u can differ this addition as per terms of lease under the head "Leasehold Improvement cost"
However, lease rent will be allowed as deduction.
As regards, expenditure on building it can claimed full in this year only under the head "Repairs & maintainance on building".
For accounting purpose u can differ this addition as per terms of lease under the head "Leasehold Improvement cost"
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